Signing on with a merchant account provider is a great way to make sure your business continues to grow and prosper into the future. Keeping up with the competition is not easy, but when you have a good account provider backing you up, you will have access to a wide variety of services that will give you a leg up on your competitors.
But before you begin to reap the benefits of a merchant services account, you need to get yourself signed up. Here are a few steps you need to take before you can get on your way.
Getting your Paperwork Together
The first thing you need to do before you can get started with your merchant account is to prove to the provider that you are a legitimate business. Different providers request different documentation, depending on what particular services you will require.
Before you get started, it is best to have as much information in front of you as possible. Past banking statements and financial information is always good to have on hand. You may also want to have pictures of your establishment, a copy of your business license and possibly even recommendations from other businesses in your industry.
Get together all information you have that will show your account provider that your business is the real deal. You may not need all of it, but it is good to have it ready, just in case.
Getting Signed Up
In order to be able to accept credit and debit cards, you are going to need a business bank account for the funds to be transferred into. If you don’t have a business checking account already, you need to open one up before you can process plastic.
If you are already set up with a bank, then you simply need to provide your account provider with a voided check so that they know where to deposit the funds after a credit card transaction has been processed.
Getting Equipped
The next step is to decide how you plan on accepting credit cards. If you run a “bricks and mortar” retail outlet store, you are going to need a retail swipe terminal. These are the machines you see at the cash registers at just about any grocery store.
There are many different types of swipe terminals on the market. Some come with an attached printer for printing receipts to sign and others allow you to simply sign right on a screen. Some terminals have buttons for entering your debit card PIN number and some have a touch screen. There are even swipe terminals that do not require a signature at all.
Not every business is always in the same place, however. Delivery drivers and traveling salesmen can’t have a traditional retail swipe terminal on hand. For situations where you need to be able to process plastic on the go, your provider can set you up with a wireless terminal.
Wireless terminals allow you to take your business on the road. Even if you are far out of a coverage area, a wireless terminal can save the customer’s credit card information and then send it when you are back in an area that gets service.
If you run a business that operates online, you are going to need help with processing software. Your account provider will be able to set you up with a secure way to accept credit card payments through your website. You will not have to worry about security because most account providers utilize fraud-detecting software and will store all sensitive information on a PCI-compliant data center.
Adding Extras
When signing up for your merchant services account, you should also look into all of the other services that your provider offers. The world of merchant accounts extends far beyond just credit and debit card processing.
Another way that merchant accounts can help to grow your business is through guaranteed check acceptance. They will provide you with equipment that will convert all checks that come through your door into electronic files. Your provider will guarantee all of these checks so that you never have to worry about insufficient funds. The electronic files are easier to organize and they will clear faster than a normal check.
Account providers also can help you set up gift and loyalty card programs. Gift cards are a great way to get what is essentially a cash advance to your business. Not only that, but many cards go unredeemed or under-redeemed. This is essentially free money for you.
Loyalty cards are fantastic for keeping people coming back time and again. Your account provider can assist you with setting up a loyalty program that will have your customers coming back to you, and not the competition.
Once you know what you want and have all of your paperwork in order, it usually only takes between 24 and 48 hours for your
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